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trishgirl52's avatar

Should I sell my house as is?

Asked by trishgirl52 (186points) September 14th, 2022

My contractor offered to buy my house a while back. There are many things that need to be done but I am unable to fix financially.
He offered 50k less than what we are trying to get. My realtor is selling it as is. She said there is always someone with more money. He is trying to low ball me. Then he asked me why did I pick the homeowner’s insurance that I have. He wanted me to file a claim so I could get things fix . Apparently the insurance that I have give him a hard time.

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21 Answers

Smashley's avatar

You’d probably be better off getting credit on your equity to do the necessary repairs, and then selling it for full price. I’d get a couple estimates from other contractors and figure out if it’s worth it, or better just to sell it cheap. At any rate, if you are considering accepting 50k below asking, reduce your asking by 10–20k and see if you get more interest. Your realtor should have good ideas if the house isn’t selling at your price.

I think the contractor sees value in your situation. He intends to buy it cheap, fix it up, and make a profit. Play it right, and you can keep most of that value for yourself.

jca2's avatar

Scam artist ripping off insurance. You know who pays for scams like that? Everyone in the form of higher insurance. Avoid that person. Fix what you can fix and get the higher price, and don’t use that real estate salesman in the future, when you’re ready to sell.

chyna's avatar

Contractor is a scammer.
50k is a lot to go down on price. Stay with your realtor for a while and see what kind of feedback they get from potential buyers.

KNOWITALL's avatar

Don’t accept the low ball, is my first thought.
My neighbor just sold a pos house for $150k cash, no inspection. If your area is in demand , I’d listen to the realtor.

janbb's avatar

It depends so much on the market in your area and what you can get for it selling “as is.” Also, what the legal requirements might be to get a CO, i.e. what needs to be fixed before closing. And it really depends on how quickly you need to sell. If you have time to wait, why not stick with the realtor if you trust them and see what offers you get for an “as is” sale. You might go back to the contractor if you need to.

trishgirl52's avatar

Thank you all. Good answers. If I didn’t have her he would really have tried to get over on me. I told him any questions that he may have to call her. He kept asking me what is the lowest I would take. He thought I was handing him my house. My ex coworker who lives around the corner says live in a piece of crap and his place would even go for more than that. He actually laughed. His intentions were for me to use my insurance co to put out a claim to get things fixed. I already had claims and it was hard for me to seek insurance co.

KNOWITALL's avatar

@trishgirl52 Just curious but did he offer you $10k over your mortgage balance? It’s a pretty frequent shyster trick here.

trishgirl52's avatar

He offered $20k over the balance. There has been work done to the house since the purchase date. I have 2 new bathrooms , brand new kitchen cabinets counters and floors. Hardwood floors in every room except the kitchen. The kitchen has new vinyl floor new type. Also new appliances.

RayaHope's avatar

My mom does all the house payments and taxes and stuff. I asked her about this and she said. “Why does the guy offering the low price have anything to do with your insurance?” He should have NOTHING to do with your insurance company!

Oh and to answer your question…NO, not for that low price! She said it was a “seller market?” I guess that means you should be able to get a lot of money for your house.

trishgirl52's avatar

Oh ok. He was thinking that I could go through my insurance co to get the roof and other things fixed. Some nerve.

Zaku's avatar

What others have said, but also:

I heard houses are currently hard to sell because the market prices have been so high but are now going down, and also because mortgage rates are now much higher than they were last year, so few people are currently buying.

trishgirl52's avatar

Oh I see. He did mention something like that but I will not be giving him my house. My realtor is still shooting for higher than what he offered. He kept trying to ask me what is the lowest I would take. I said speak to my realtor.

Tropical_Willie's avatar

Tell him 10K over asking and then “talk to my realtor !”

SnipSnip's avatar

Your insurance has nothing to do with your contractor unless he thinks you are going to hire him while you still own the house. Even if you sell a house in perfect condition, selling it ‘as is’ is a smart clause to put into the sales contract. Give your contractor the price you will accept and either he buys it or he doesn’t. You do not need to discuss your insurance with him. Your insurance agent is who you should ask about any covered repairs or losses.

RayaHope's avatar

@trishgirl52 Don’t use your insurance to do anything on your house. If he buys it HE can fix stuff. He wants you to use all your money to make things better for him AND at a low price?....ridiculous!

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seawulf575's avatar

Buyers are always trying to get a brand new house for the price of a dump. The buyer you have likely wants it as a flip house and wants you to subsidize his efforts. If you listed it as is, sell it as is. If he doesn’t like it, let him move on. I had a similar issue with a house I sold during the housing crash back around 2010. The prices dropped so rapidly and so far that I had to go to extraordinary lengths just to be able to sell it. I finally said enough is enough and listed it as-is. I had some people come in that wanted to put in an offer. They asked if they could have a contractor look it over. I didn’t care because I had it listed as-is. The contractor found a litany of things that could be fixed and they wanted me to fix them all. I told them the house was being sold as-is and was not going to fix a thing. It was listed that way, I was selling it that way. They eventually gave me an offer at my asking price and bought the house.

trishgirl52's avatar

Oh ok that is awesome. I feel you. Yes if you are selling as is we are not going to be fixing anything.

Inspired_2write's avatar

I would do a buget to figure out the exact costs of fixing your house.

Everytime you spend means less cash available.
( unless your incsurance will in fact pay you enough in order for you to surpass the sale price offerred.)

Should be talking with an Accountant to figure out all possiblilities and find one that actually fits good for your circumstances.

trishgirl52's avatar

I am working with the proper people. Exactly what we all thought he tried to low ball me. We are not accepting his offer. The things that need to be fixed wouldn’t even cost that much for him. He have his own business and work for a molding company. He wouldn’t spend that much to fix heat and roof.

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